Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, announces that is has agreed three new lease agreements at Westhill Shopping Centre. The Aberdeen retail mall was acquired in 2010 on behalf of St. James’s Place and has subsequently been redeveloped.
Home Bargains has signed a 15-year lease on a 9,995 sqft unit at the centre, while Costa Coffee is taking 1,800 sqft of space and the Town and Country Veterinary Group is relocating its practice to an 825 sqft unit within the development.
All three new tenants have taken up space in the new 15,000 sqft extension to the centre, which has been recently completed by Orchard Street following a nine-month construction project. Following their arrival, the additional development at Westhill will be 85% let, with the one remaining vacant unit currently under offer to a national retailer and an agreement expected to be reached shortly.
The property is a popular and well-established shopping centre located seven miles west of Aberdeen city centre. As part of the new development significant improvements have been made to the infrastructure and tenant-mix at the centre, with outlets such as Marks & Spencer Simply Food, Co-op and Specsavers attracting high levels of footfall from the surrounding areas.
Doug Carson, Asset Manager at Orchard Street, commented:
“The demand we have seen from tenants to take up space at the new and improved Westhill centre is testament to its popularity as the dominant shopping mall in the Aberdeen region and the work that we have done. Having closely overseen the development process we now look forward to delivering an improved retail offer and experience to our customers, and expect to announce a further successful letting in the near future, with the remaining 2,200 sqft of space under offer.”
Orchard Street was advised on these lettings by CBRE.
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.